24th INTERNATIONAL CONFERENCE
C.r.e.d.i.t. 2025
*Emerging Global Financial Systems:
Exploring Polarization, Systemic Risks, Innovation, and Sustainable
Solutions *
Venice, Italy
25 – 26 September 2025
*GRETA Associati*(Venice, Italy), *CRIF* (Bologna, Italy), *European
Datawarehouse* (Frankfurt, Germany), and *Intesa Sanpaolo *(Milan,
Italy) are partners in organising a Conference to be held in Venice on
September 25-26, 2025.
The C.r.e.d.i.t. 2025 conference will bring together academics,
practitioners and PhD students working in various areas of financial and
socio-economic risk with the aim of creating a unique opportunity for
participants to discuss research progress and policy as well as
industry-relevant insights and directions for future research.
The C.r.e.d.i.t. 2025 is the *twenty-fourth* in a series of events
dedicated to various aspects of risk and organised under the auspices
of: the *Department of Economics* and *VERA *- *Venice centre in
Economic and Risk Analytics for public policies* - of the *Ca’ Foscari
University of Venice, Joint Research Center European Commission*, *ABI -
Italian Banking Association*, and*Venice Sustainability Foundation*.
Sustainability necessitates a global perspective, requiring the
adaptation of contemporary business and societal models to navigate the
dynamic landscape of the future. Policymakers and society must ensure
that resources, particularly technology, are utilized responsibly and
efficiently to enhance the well-being of both present and future
generations while cultivating a harmonious relationship with the
environment. This strategy is vital in addressing sustainability issues
such as poverty, environmental degradation, pollution, and inequality.
Effective global risk management is vital for bridging divisions and
fragmentation through innovation.
*PROGRAMME*
*Thursday, September 25, 2025*
_8.30 – 09.00REGISTRATION_
_09.00 - 09.30WELCOME and OPENING REMARKS_
Monica Billio, Ca' Foscari University of Venice
Andrew Lo, MIT Sloan School of Management, Programme Chair
_09.30 - 11.00SESSION I: INSURANCE AND SAFE ASSETS_
Invited Talk: /The Role of Insurance in Enhancing Societal Resilience to
Risks and Shocks/, Mario Greco, Zurich
/Foreign Demand for Safety and Macroeconomic Instability/, Dmitry
Kuvshinov, Universitat Pompeu Fabra, Barcelona School of Economics &
CEPR (joint with Madalen Castells-Jauregui, Bjorn Richter, and Victoria
Vanasco)
_11.00 - 11.30COFFEE BREAK_
_11.30 - 13.00SESSION II: DECARBONISATION BETWEEN PRICING AND DISCLOSURE_
/Green Coins/, Massimiliano Croce, Bocconi University, CEPR, IGIER &
Baffi-Carefin Center (joint with Nicolas Guinez, Alejandra Inzunza
Méndez, Thien T. Nguyen, and Claudio Tebaldi)
/A Greenwashing Index, /Elise Gourier, ESSEC Business School & CEPR
(joint with Hélène Mathurin)
/Pricing Climate Ambiguity/, Francesco Rocciolo, Nazarbayev University
(joint with Monica Billio, Massimo Guidolin, and Yehuda Izhakian)
_13.00 - 14.15LUNCH_
_14.15 - 15.45SESSION III: GREENING AND DECARBONISATION STRATEGIES IN
THE BANKING SECTOR (ESG UPTAKE)_
/Energy Costs and Default Risk in Green Mortgage Securitisations,
/Simone Varotto, ICMA Centre, Henley Business School, University of
Reading (joint with Monica Billio, Massimo Dragotto, Alfonso Dufour, and
Samuele Segato)//
/Climate and Environmental Risk Integration in EU Banks, /Michele
Costola, Ca' Foscari University of Venice (joint with Katia Vozian)
/Greening the Present to Decarbonise the Future: an Analysis of Italian
Banks’Decarbonisation Strategies, /Valeria Lionetti, Bank of Italy
(Cristina Angelico, and Ludovico Ridi)
_15.45 - 16.45COFFEE BREAK and POSTER SESSION I_
_16.45 - 18.15SESSION IV: CLIMATE AND ECONOMIC IMPACTS OF THE GREEN
TRANSITION_
/Sovereigns on Thinning Ice: Debt Sustainability, Climate Impacts, and
Adaptation/, Matteo Calcaterra, Politecnico di Milano (joint with Andrea
Consiglio, Vincenzo Martorana, Massimo Tavoni, and Stavros A. Zenios)
/Government-Funded Green Banks: Catalysts for the Green Transition,
/Claudio Rizzi, University of Navarra, Barcelona (joint with Simon Xu,
and Paul Yoo)
/Extreme Weather in Europe: Determinants and Economic Impact, /Claudio
Morana, Università di Milano – Bicocca (joint with Marcelle Chauvet, and
Murilo Silva)
_20.00SOCIAL DINNER_
*Friday, September 26, 2025*
_09.00 - 10.30SESSION V: TECHNOLOGICAL INNOVATION IN ECONOMICS AND FINANCE_
Invited Talk: /Financing Deep Tech/, Andrew W. Lo, MIT Sloan School of
Management
/Beyond Algorithms: Soft Information in Global Macro Shocks, /Yuhan Ye,
Università della Svizzera Italiana
_10.30 - 11.00COFFEE BREAK_
_11.00 - 13.00PANEL SESSION: FRAMING GLOBAL CHANGES BETWEEN INNOVATION
AND SUSTAINABLE _
Moderator: Jan Pieter Krahnen, Leibniz Institute for Financial Research
SAFE & Goethe University, Frankfurt
_13.00 - 14.15LUNCH_
_14.15 - 15.45SESSION VI: NAVIGATING GEOPOLITICAL AND PROSOCIAL DYNAMICS_
/The Pricing of Geopolitical Tensions over a Century, /Alessandro
Melone, The Ohio State University (joint with Andrei S. Goncalves, and
Andrea Ricciardi)
/Decomposing Geopolitical Risk: Wavelet-Based Time-Series Evidence and
Cross-Sectional Implications for Expected Stock Returns, /Davide La
Cara, London School of Economics and Political Science
/Public Policy and Private-Sector Prosocial Motives: The Case of
Greenhouse Gas Emissions, /Jiaqi Zheng, University of Oxford
_15.45 - 16.45COFFEE BREAK and POSTER SESSION II_
_16.45 - 17.45SESSION VII: GLOBAL SUPPLY CHAINS AND CLIMATE CHANGE_
/Rewiring Supply Chains Through Uncoordinated Climate Policy, /Olimpia
Carradori, University of Zurich & Swiss Finance Institute (joint with
Emanuela Benincasa, Miguel Ferreira, Emilia Garcia-Appendini)
/Global Supply Chain Disruptions and Product Market Competition, /Erasmo
Giambona, Syracuse University, Whitman School of Management (Karca D.
Aral, Ricardo Lopez A., Gordon M. Phillips)
_17.45 - 18.00CLOSING REMARKS AND END OF THE CONFERENCE_
*REGISTRATION*
https://registration.nexave.org/it/iscrizione-evento/34/24th-international-…
<https://registration.nexave.org/it/iscrizione-evento/34/24th-international-…>
For the Registration Fees and more detailed information, please visit
the Conference website:
https://www.greta.it/index.php/it/credit-2025
<https://www.greta.it/index.php/it/credit-2025>
The *SCIENTIFIC COMMITTEE *for the Conference consists of:
*
*
*Andrew Lo* (MIT Sloan School of Management, Programme Chair)*
Monica Billio* (Ca’ Foscari University of Venice & GRETA)*
Lucia Alessi *(Joint Research Center, European Commission)*
Marie Brière* (AMUNDI & Université Libre de Bruxelles)*
Mila Getmansky Sherman* (Isenberg School of Management, UMass Amherst)*
Marcin Kacperczyk* (Imperial College London)*
Jan Pieter Krahnen* (Leibniz Institute for Financial Research SAFE &
Goethe University, Frankfurt)*
Steven Ongena* (University of Zurich, Swiss Finance Institute, KU
Leuven, NTNU Business School & CEPR)*
Loriana Pelizzon* (Ca’ Foscari University of Venice & Leibniz Institute
for Financial Research SAFE)*
Roberto Rigobon* (MIT Sloan School of Management)*
Stephen Schaefer *(London Business School)*
Marti Subrahmanyam* (NYU Stern Business School)
*ACKNOWLEDGEMENT OF EUROPEAN FUNDING*
The organization of the conference has benefitted from financial support by:
- the European Union – Next Generation EU, Mission 4 Component 2, as
part of the GRINS project - Growing Resilient, INclusive and Sustainable
(code: PE0000018, CUP: H73C22000930001) - National Recovery and
Resilience Plan (PNRR)
- ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for
the financial sector. Funded by the European Commission - Grant
Agreement N° 101145727.
--
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Monica Billio
Dipartimento di Economia, Università Ca' Foscari Venezia
Fondamenta San Giobbe 873, 30121 Venezia
Tel +39 041 2349170, Fax +39 041 2349176
E-mailbillio(a)unive.it
http://www.unive.it/persone/billiohttp://ideas.repec.org/e/pbi55.htmlhttp://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=303041http://scholar.google.it/citations?user=ll83_twAAAAJ&hl=en
Dear all,
We are very happy to announce the upcoming workshop PSPDE (Particle Systems
and PDEs), to be held in Modena from the 1st to the 5th of December 2025.
Here <https://sites.google.com/view/pspdexiii>is the link to the website.
Registration is free but mandatory, the deadline is September 15.
The organizers,
Giada Basile (Sapienza Università di Roma), Gioia Carinci (Università di
Modena e Reggio Emilia), Chiara Franceschini (Università di Modena e Reggio
Emilia), Patricia Gonçalves (Instituto Superior Técnico, Lisboa), Alessia
Nota (GSSI) and Ana Jacinta Soares (Universidade do Minho)
Chiara Franceschini
------------------------------------------
RTT
Componente del Senato Accademico
Dipartimento di Scienze Fisiche, Informatiche e Matematiche
Università degli Studi di Modena e Reggio Emilia
Pagina personale: https://cfrances.weebly.com
Dear colleagues,
This is to advertise the opening of *1 postdoc position (Contratto di
ricerca) in Probability *at the University of Rome La Sapienza, within the
FIS 2 project *Understanding pattern formation in nature via complex
analysis <https://sites.google.com/view/fis2-pattern-formation/home-page>*,
PI Vittoria Silvestri.
I would be grateful if you could circulate this call among potential
candidates.
Best wishes,
Vittoria Silvestri
--
Link to the call:
https://web.uniroma1.it/trasparenza/dettaglio_bando_albo/236697
Link to the online application:
https://xup.mat.uniroma1.it/Home/CPService
Deadline for applications: 29 August 2025 - strict
Research topic: Probability
Duration: 2+1 years
Monthly salary: approx 2800€ per month before taxes (Note: candidates from
abroad will not pay taxes for the duration of the postdoc)
Selection procedure: based on CV, publications (max 5) and an interview
(which can be held on zoom).
Starting date: within 15 days of the conclusion of the selection procedure.
Instructions for non-Italian speakers can be found here
<https://drive.google.com/file/d/123fB5hu1lhX6t2qKvMWXyrfcN1MstWER/view?usp=…>
.
********************************
Vittoria Silvestri
Associate Professor
Department of Mathematics
University "La Sapienza"
Piazzale Aldo Moro, 5
00185 - Rome
********************************